Iverson Company had the following assets and liabilities on the dates indicated.

Iverson began business on January 1, 2013, with an investment of $100,000.

Instructions
From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:
(a) 2013, assuming Iverson’s drawings were $15,000 for the year.
(b) 2014, assuming Iverson made an additional investment of $45,000 and had no drawings in 2014.
(c) 2015, assuming Iverson made an additional investment of $15,000 and had drawings of $25,000 in2015.

Transcribed Image Text:

December 31 2013 2014 2015 Total Assets $400,000 $460,000 $590,000 Total Liabilities $250,000 $300,000 $400,000